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Prepare Form IT-370 extension

Use the
NYExt
 screen in the
Payments
 folder to generate the Form IT-370 extension.

Form IT-370 payment, filing, and late penalty

  • The New York Department of Taxation and Finance (DTF) doesn't accept federal Form 4868 as the extension request.
  • The DTF accepts the Form IT-370 extension with no payment.
  • You can use Form IT-370 for both the extension request and the accompanying voucher for making a payment.
  • A balance due extension filed electronically needs to include electronic funds withdrawal.
  • The DTF supports electronic filing of Form IT-370.
  • The DTF also provides a means for taxpayers to make payments online or by telephone.
Taxpayers who don't pay all of their income tax by the original return due date are usually subject to late penalty. However, the New York Department of Taxation and Finance waives certain late penalties on the unpaid balance of tax due as of the April deadline if the taxpayer meets the following criteria:
  • The taxpayer pays at least 90 percent of the tax by the original due date by withholding, estimates, or additional payments.
  • The taxpayer files an extension request by Form IT-370 by the original due date. This includes making any federal or state extension payments online.
  • The taxpayer files Form IT-201 or Form IT-203 by the extended due date.
  • The taxpayer pays the remainder of the tax due by the extended due date.

Prepare Form IT-370

Use the following information to generate the Form IT-370, Application for Extension of Time to File.
There are various approaches to preparing an extension.
  • Calculate the amount due based on current data entered:
    1. Mark the
      Calculate Extension
       checkbox on the
      NYExt
       screen.
    2. Select
      Setup
      , then
      1040 Individual
      .
    3. Select the
      Federal
       tab.
    4. Select
      Extensions
       to select the method for calculating the extension payment amount.
      note
      When using
      File
      , then
      Print Extensions
       to select multiple clients at once for electronic filing, the application marks the
      Calculate Extension
       checkbox if the
      Create an extension without total tax liability amounts
       checkbox is not marked.
  • To force the amount to pay with Form IT-370, enter an amount in the
    Balance due on extension (Force)
     fields on the
    NYExt
     screen.
  • To let the taxpayer decide the extension payment amount: Leave the
    Calculate extension
     and
    Balance due on extension (Force)
     fields blank on the
    NYExt
     screen. When using this option, the application leaves the payment amount field blank on Form IT-370.

Print the extension

When you finish entering data on the
NYExt
 screen, select
File
, then
Print Extensions
 to print Form IT-370.
To print estimates with extension, select
File
,
Print Extensions
,
Options
, then
Extension Print Options
, and mark the
Print estimates with extension
 checkbox.

Prepare the return after filing an extension

When sure you do the following when preparing an extended return:
  • Amount actually paid with extension:
     The amount paid with the extension is reported in the Payments and refundable credits section of Form IT-201 or Form IT-203. Enter the amount on the
    NYExt
     screen in the
    Extension payment actually made; reportable on main return
     field. UltraTax CS populates this field when you create the extension. Change the data entry for this amount if the taxpayer paid some other amount.
    note
    If you filed an extension via some means other than UltraTax CS, enter the actual amount paid with the extension in the
    Force
     field. By doing so, UltraTax CS will automatically complete data entry in other fields, including fields for the extended due date and the amount actually paid with the extension.
  • Date return filed
    . Enter this on the
    NYPen
     screen. If the date exceeds the extended due date, the application calculates the late penalty on the unpaid balance due.
  • Extension not required to be attached to return
    . The DTF doesn't need a copy of the federal or state extension when filing the return.

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